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- Nepal’s central bank bans use of unregistered foreign digital payment systems
Nepal’s central bank has banned the foreign digital payment systems as they are not registered in Nepal.
By issuing a notice, the Nepal Rastra Bank (NRB) barred the use of these payment systems stating that their use resulted in the country losing foreign income and as well as Nepali government losing taxes from the service transactions inside the country.
Use of any QR Code, POS Machine related to foreign payment system or other payment system issued from foreign countries by anybody other than firms licensed by the Nepal’s central bank will be illegal, states a notice of NRB. “Such use of them means misappropriation of foreign exchange. So, anybody using these payment systems within Nepal will face legal action as per the Foreign Exchange (Regulation) Act of Nepal.”
According to NRB, it has licensed five e-payment service providers so far which include: IME Digital Solution, eSewa Phone Pay, Cellcom Private Limited, CGpay Private Limited and Sparrow Pay Private Limited.